|| Black money
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Black money refers to moneys,properties etc which are held and enjoyed by persons who do not account for it under Law,escaping tax liability on the same.Examples of such black money can be found in benamy transactions in sale/purchase of properties.Also various trade malpractices resulting in suppression of income earned can accumulate black money.Physical money hoared in bank vaults,whose source is hidden can be one more instance.Conversion of black money into white money takes place when someone owns that money as his own showing it as earned by him or when someone documents that he has given a loan .usually traders,realestate peiple and big business people. hoard money,resulting in black money.
India’s black money woes
By Raja M
In its latest quest to bust India’s estimated US$50-billion-plus “parallel economy”, the central government has declared the possibility of issuing special bonds to draw “black money” into the official economy – without giving amnesty to tax dodgers, as earlier schemes had controversially done.
The Law Ministry is studying the legal basis of the no-amnesty proposal, after the Supreme Court had frowned on successive
Liechtenstein ready to help India on black money
New Delhi: Is the Government of India actually helpless in claiming that it has not got enough help from Liechtenstein in tracking black money? The case is not so with the Government of Liechtenstein telling to CNN-IBN in an email interview that there is already an existing framework of cooperation between India and Liechtenstein when it comes to money laundering.Liechtenstein is one of smallest countries in the world and is also a synonym for black money in India. It is a tax haven, where much of Indian black money is suspected to be stashed.Now Liechtenstein has called the bluff on New Delhi’s steadfast position that the country is unwilling to share details of tax evasion and tax fraud with India.
In an email reply to CNN-IBN, Principality of Liechtenstein spokesperson Gerlinde Manz-Christ has specifically said: “It has to be noted that there is an already well functioning cooperation in pursuing financial crime between India and Liechtenstein, on the basis of mutual legal assistance. The Financial Intelligence Units of both nations work very well together, for a considerable time already they have been in close contact on issues such as terror financing, money laundering or corruption.”